Statoil To Take Part In BCP

Statoil will invest approximately NOK 2 billion or approximately 10% of the total cost of the new pipeline from Baku to Ceyhan. The total cost to build the pipeline is approximately NOK 21 billion. The decision to build the 1,760-kilometer long pipeline comes after long, drawn out negotiations.

The pipeline will be used to transport oil from the Azeri-Chirag-Gunashli field, in which Statoil owns a 8.56 percent stake. When fully developed, the field is expected to yield one million barrels a day. At present, the production is around 120,000 barrels.